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re: Buy or build right now?
Posted on 7/29/18 at 1:27 pm to maneframe150
Posted on 7/29/18 at 1:27 pm to maneframe150
quote:
maneframe150
Depends on your area. Typical custom builders stay semi local. I know a couple in the BR area, but they typically only build west of BR.
1
Posted on 7/30/18 at 7:04 pm to braindeadboxer
I'm in Livingston Parish.
Posted on 7/30/18 at 9:38 pm to maneframe150
quote:
Is it better to buy a home or build at the moment?
Ask yourself is this going to be you forever home? If so build. If not buy existing. Materials are really high right now so if you build don't plan on making money on the house when you sell it in 3 years or so.
Also, be prepared for subs to bend you over if you contract it yourself. I'm a realtor and I know framing crews that builders use and pay $3.00/sqft. Don't expect to get anywhere near that price for one off job.
Do you homework on builders. There are plenty around here that will do cost +10%. Is that 10% savings worth the 6 months of headaches and high prices you're going to deal with working with subs?
This post was edited on 7/30/18 at 9:40 pm
Posted on 8/1/18 at 10:47 am to AUtigR24
quote:
There are plenty around here that will do cost +10%. Is that 10% savings worth the 6 months of headaches and high prices you're going to deal with working with subs?
For $30,000.00 in savings, I would most definitely deal with subs and headaches for 6 months. That's just a snapshot in time when it comes to the big scheme of things. And, that's literally paying myself $5,000 per month! Headaches be damned.
Posted on 8/2/18 at 7:41 am to maneframe150
quote:
For $30,000.00 in savings, I would most definitely deal with subs and headaches for 6 months
As a one off first time home builder i'd anticipate longer than 6 months.
As a one off first time home builder i'd anticipate not being able to build house exactly 10% cheaper than an experienced builder can.
Not saying it can't be done, just saying be realistic.
Where you can save is paying vendors with a rewards credit card and paying your card off every month with loan draw. After building my last house I didn't pay for a plane ticket on SW for 2 years doing this, and we flew quite a bit.
Posted on 8/2/18 at 9:11 am to ItNeverRains
quote:
Where you can save is paying vendors with a rewards credit card and paying your card off every month with loan draw. After building my last house I didn't pay for a plane ticket on SW for 2 years doing this, and we flew quite a bit.
That's genius! Thanks for the tip. What bank did you work with?
Posted on 8/2/18 at 9:31 am to maneframe150
quote:
That's genius! Thanks for the tip. What bank did you work with?
Pinnacle Bank. I'm in TN, Pinnacle is huge player, not sure about La. But all you need is invoice to reimburse yourself with construction loan draw and pay off card each month before interest is due, assuming you are with a lender who will let you do monthly draws on your construction loan. Some lenders only allow a few draws during the project. Avoid them like the plague.
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